"Hold and Explode vs Blocked Again"...XRP, Clash Ahead of $1.6

▲ XRP/ChatGPT generated image

XRP has successfully converted a long-term resistance line into a support line, continuing its upward trend, but opinions on its future direction are sharply divided within the market.

According to NewsBTC, a cryptocurrency specialized media outlet, on April 17 local time, analyst Mattsby presented the 20-Simple Moving Average (20SMA) on the 2-month chart as a key indicator for determining XRP's macroscopic trend. Mattsby explained that based on past trends, strong upward momentum is maintained as long as XRP stays above this indicator. He further emphasized, “XRP has been moving above the 20SMA since November 2024, and the past resistance line has been converted into a support line.” The judgment is that the upward trend will continue as long as the support line holds.

Positive views also continued. Analyst Chart Nerd stated that the downward pressure that had lasted for several months has eased, and rebound signals are appearing on charts across various timeframes. He analyzed, “If a relief rally fully materializes, XRP could attempt to re-enter the $1.54 to $1.87 range.” However, breaking through the short-term resistance near $1.56 was presented as a prerequisite.

Conversely, caution is also significant. Analyst CasiTrades pointed out that XRP still remains below a strong resistance zone. CasiTrades said, “XRP has been trading sideways below $1.6 for over 68 days,” adding, “In the current range, there is also a possibility of further decline.” He further added that a trend reversal can only be confirmed if the price maintains stability above $1.65.

Meanwhile, a back-and-forth battle between buyers and sellers continues in the market. Buyers are focused on defending the support line, while sellers are intensifying pressure around key resistance zones. The 2-month chart 20SMA presented by Mattsby has become a key criterion for distinguishing mid-to-long-term trends.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*